Shippers Vapores, Hapag-Lloyd Merger

Posted by Joseph R. Fonseca
Monday, April 21, 2014

 

A significant majority of shareholders in Chilean shipper Compania SudAmericana de Vapores lent their support to the firm's merger with Germany's Hapag-Lloyd, allowing the agreed deal to clear a hurdle.

The deal to create the world's No. 4 container-shipping company was conditional on no more than 5 percent of Vapores' total shareholders exercising withdrawal rights by April 20. The Chilean company said on Monday that dissident shareholders exercised withdrawal rights on only 2.7 percent of total shares.

"This is another step in the road to completing this transaction, which we're sure will be enormously beneficial for our company and our investors," Vapores chief executive Oscar Hasbun said.

Shipping groups have been struggling through the worst slump on record, as they grapple with low freight rates brought by overcapacity and a weak global economy.

The deal will now need to pass regulatory scrutiny and the approval of the City ofHamburg's Senate.

(Reporting by Anthony Esposito; Editing by David Gregorio)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Asia-N.Europe Box Rates Fall 8.1 pct

Freight rates for transporting containers from ports in Asia to Northern Europe fell 8.1 percent to $713 per 20-foot container (TEU) in the week ended on Friday,

Unipec: U.S. ANS Destined for Sinopec

Arbitrage opens after ANS discount widen on ample supplies. Unipec, the trading arm of top Asian refiner Sinopec, has bought two U.S. crude cargoes, including

G6 Updates Asia-North America West Coast Service

Two services will be merged into one until further notice / Reason is change in market demand / All other services remain unchanged. Members of the G6 Alliance

Container Ships

Asia-N.Europe Box Rates Fall 8.1 pct

Freight rates for transporting containers from ports in Asia to Northern Europe fell 8.1 percent to $713 per 20-foot container (TEU) in the week ended on Friday,

G6 Updates Asia-North America West Coast Service

Two services will be merged into one until further notice / Reason is change in market demand / All other services remain unchanged. Members of the G6 Alliance

Trieste Terminal Selects N4 TOS

Navis has announced a new N4 terminal operating system (TOS) licensing agreement with Italian terminal, Trieste Marine Terminal (TMT). TMT selected the Navis TOS

News

Kerry to Press ASEAN meeting for talks on SCS Disputes

U.S. Secretary of State John Kerry will urge Southeast Asian nations in meetings in Laos next week to find diplomatic ways to launch talks with China on easing

US Navy Tests Latest Aegis Weapon System

The U.S. Navy conducted a series of cooperative air defense test exercises with the Spanish navy that culminated in live missile firing events using the latest Aegis Weapon System baseline July 20-21.

Pathogenic bacteria hitchhiking to North and Baltic Seas?

For the first time, AWI scientists have found evidence of living, potentially pathogenic vibrions on microplastic particles. With increasing water temperatures

Vessels

Ithaca’s FPF-1 platform to be moved to Stella field

Ithaca Energy Inc. reports that the "FPF-1" floating production facility has completed the required inclination test as planned and departed the Remontowa shipyard in Gdansk, Poland.

Live Fish Carrier Launched at Gondan

At high tide, the vessel “MARTIN SÆLE”, the first Live Fish Carrier built by Gondan Shipyard in Figueras, was successfully launched today. Representatives of the owner of the vessel,

GTT Cuts Outlook on Ship Construction Delays

French supplier of systems for marine transportation of liquified natural gas (LNG) Gaztransport & Technigaz (GTT) reported strong growth in its first half results

Mergers & Acquisitions

G6 Updates Asia-North America West Coast Service

Two services will be merged into one until further notice / Reason is change in market demand / All other services remain unchanged. Members of the G6 Alliance

RINA Closes Edif Group Acquisition

RINA S.p.A, the holding company of the multinational testing, inspection, certification and consulting engineering group based in Genoa, Italy, has announced that

Royal IHC, NETICS Join Forces

Royal IHC has entered into a partnership with NETICS, a civil engineering and consultancy agency. A leading global player in engineering with dredged sediments,

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0902 sec (11 req/sec)